This paper demonstrates the importance of properly measuring inflation when estimating Federal Reserve reaction functions. Based on static Taylor rule type reaction functions the median consumer price index (MCPI) is a better measure of information on monetary inflation than either the consumer price index (CPI) or the GDP chain-type price index (CTPI) or several other common measures of inflation. The issue is important when attempting to assess the stance of monetary policy; the Federal Reserve's goal of maintaining price stability must account for movements in the overall price-level and not changes in relative price.
This paper demonstrates the importance of properly measuring inflation when estimating Federal Reserve reaction functions. Based on static Taylor rule type reaction functions the median consumer price index (MCPI) is a better measure of information on monetary inflation than either the consumer price index (CPI) or the GDP chain-type price index (CTPI) or several other common measures of inflation. The issue is important when attempting to assess the stance of monetary policy; the Federal Reserve's goal of maintaining price stability must account for movements in the overall price-level and not changes in relative price.
...In this context, stability means that no signatory has an incentive to leave ...(1983) "On the stability of collusive price leadership", Canadian Journal of Economics, Vol. 1...
... creating, not merely responding to, asset price bubbles is a provocative topic of relevance to cen...) "Asset Prices, Financial, and Monetary Stability: Exploring the Nexus." BIS Working Paper No. 114. ... Washington: Institute for International Economics . Goodhart, C., and Hofmann, B. (2008) "House Pric...
... their deficit costs in the form of higher prices in the EMU. This mechanism of a tragedy of the com... signed by 62 and more than 160 German economics professors, respectively. The academics maintained... Treaty were institutionalized with the stability and growth pact (SGP) adopted in 1997. The SGP per...
... salmon, where we can charge a premium price for our product, Alaska's natural gas smells and c..., a gas line project still needs fiscal stability. A producer needs stability to negotiate its price...
HOUSTON, Jan. 3, 2011 /PRNewswire/ -- "New Captains of Industry" (www.blogtalkradio.com/newcaptainsofindustry/) today announced the availability of an audio economic roundtable hosted on December 30, 2010 by market commentator, institutional fund manager and Chairman of the National Eagles and Angels Association, George Jarkesy. During this fascinating roundtable, Jarkesy engaged economists L. Randall Wray, Professor of Economics at the University of Missouri, Kansas City and author of "Understanding Modern Money"; Mike Norman, Senior Economist at John Thomas Financial; and Warren Mosler, author of "The Seven Deadly Innocent Frauds of Economic Policy" and founder of what has been popularized as Modern Monetary Theory, in a thought- provoking discussion about the misinformation and "cris...
... of the Center for Full Employment and Price Stability at the University of Missouri-Kansas Cit...
... financial crisis, which began as a housing price bubble burst, while, increasing credit risks sprea... for money supply raises doubt on the stability of money demand function. On the other hand, incor...
... within the academic disciplines of economics and politics, as well as other social sciences. Wh...Ehrlich once argued that . Political stability and democracy have been preserved by an expanding ... fuels, which would be instigated by a rapid price rise, and followed by a collapse in housing and st...
... regarding who was receiving these high-priced loans. Awareness became particularly acute in the ... impact bank profitability and stability. Whalen (2008) admits that there is no empirical e...Journal of Economics and Business, 60, 47-66. . Conference of State Ban...
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